Uzbekistan's Som Strengthens Against Dollar Despite Rising Trade Deficit

Uzbekistan's national currency, the Som, has unexpectedly strengthened by 7.3% against the US Dollar since June of last year, defying a significant increase in the trade deficit. The trade deficit reached $9.3 billion in the first half of 2026, more than doubling from the previous year. Economists explain that trade deficit is not the sole factor influencing currency exchange rates, with remittances and investments also playing a role.

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